II
Calendar No. 130
119th CONGRESS
1st Session
S. 1555
IN THE SENATE OF THE UNITED STATES
May 1, 2025
Ms. Ernst (for herself, Mr. Coons, Mr. Young, and Mr. Hickenlooper) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
July 29, 2025
Reported by Ms. Ernst, with an amendment
Strike out all after the enacting clause and insert the part printed in italic
A BILL
To increase loan limits for loans made to small manufacturers, and for other purposes.
Short title
This Act may be cited as the Made in America Manufacturing Finance Act of 2025
.
Definitions
Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following:
Small manufacturer
The term small manufacturer means a small business concern—
the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and
all of the production facilities of which are located in the United States.
.
Small Business Act loan limits for small manufacturers
Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended—
in paragraph (3)—
in subparagraph (A)—
by inserting except as provided in subparagraph (B),
before if the total
;
by striking would exceed $3,750,000
and inserting the following:
would exceed—
$3,750,000
;
in clause (i), as so designated, by striking , except as provided in subparagraph (B);
and inserting ; or
; and
by adding at the end the following:
in the case of a borrower that is a small manufacturer, $7,500,000 (or if the gross loan amount would exceed $10,000,000);
; and
in subparagraph (B)—
by striking would exceed $4,500,000
and inserting the following:
would exceed—
$4,500,000
;
in clause (i), as so designated, by striking section 7(a)(14) for export purposes; and
and inserting paragraph (14) for export purposes; or
; and
by adding at the end the following:
in the case of a borrower that is a small manufacturer, $9,000,000 (or if the gross loan amount would exceed $10,000,000), of which not more than $8,000,000 may be used for working capital, supplies, or financings under paragraph (14) for export purposes; and
; and
in paragraph (14)(B)(i), by striking than $5,000,000.
and inserting the following:
than—
except as provided in subclause (II), $5,000,000; or
in the case of a loan made to a small manufacturer, $10,000,000.
.
Small Business Investment Act of 1958 loan limits for small manufacturers
Section 502(2)(A)(iii) of the Small Business Investment Act (15 U.S.C. 696(2)(A)(iii)) is amended by striking $5,500,000
and inserting $10,000,000
.
Short title
This Act may be cited as the Made in America Manufacturing Finance Act of 2025
.
Definitions
Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following:
Small manufacturer
In this Act, the term small manufacturer means a small business concern—
the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and
all of the production facilities of which are located in the United States.
.
Small Business Act loan limits for small manufacturers
Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended—
in paragraph (3)—
in subparagraph (A)—
by inserting except as provided in subparagraph (B),
before if the total
;
by striking would exceed $3,750,000
and inserting the following:
would exceed—
$3,750,000
;
in clause (i), as so designated, by striking , except as provided in subparagraph (B);
and inserting ; or
; and
by adding at the end the following:
in the case of a borrower that is a small manufacturer, $7,500,000 (or if the gross loan amount would exceed $10,000,000);
; and
in subparagraph (B)—
by striking would exceed $4,500,000
and inserting the following:
would exceed—
$4,500,000
;
in clause (i), as so designated, by striking section 7(a)(14) for export purposes; and
and inserting paragraph (14) for export purposes; or
; and
by adding at the end the following:
in the case of a borrower that is a small manufacturer, $9,000,000 (or if the gross loan amount would exceed $10,000,000), of which not more than $8,000,000 may be used for working capital, supplies, or financings under paragraph (14) for export purposes; and
; and
in paragraph (14)(B)(i), by striking than $5,000,000.
and inserting the following:
than—
except as provided in subclause (II), $5,000,000; or
in the case of a loan made to a small manufacturer, $10,000,000.
.
Small Business Investment Act of 1958 loan limits for small manufacturers
Section 502(2)(A)(iii) of the Small Business Investment Act (15 U.S.C. 696(2)(A)(iii)) is amended by striking $5,500,000
and inserting $10,000,000
.
Inspector general analysis
Not later than 2 years after the date of enactment of this Act, the Inspector General of the Small Business Administration shall—
conduct an analysis on the cohort of loans made under the amendments made by sections 3 and 4 of this Act during the 1-year period beginning on such date of enactment to determine—
the projected default rate;
the early default rate; and
whether the loan limit increases under the amendments made by sections 3 and 4 introduce additional risk, such as increased default amounts, larger guaranty purchase amounts, or other potential impacts to the requirement that the loan programs under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) and title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) operate at no cost to the Government; and
submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report regarding the analysis under paragraph (1).
Job creation and retention report
Definitions
In this section—
the term Administrator means the Administrator of the Small Business Administration;
the term larger loan means—
a loan made or guaranteed under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) for which—
the total amount outstanding and committed to the borrower from the business loan and investment fund established by the Small Business Act (15 U.S.C. 631 et seq.) is more than $3,750,000; or
the gross loan amount is more than $5,000,000; or
a loan made under section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) for which the gross loan amount is more than $5,500,000; and
the term small manufacturer has the meaning given that term in subsection (gg) of section 3 of the Small Business Act (15 U.S.C. 632), as added by section 2 of this Act.
Annual reports
With respect to the year during which this Act is enacted, and each of the next 4 years, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report regarding larger loans to small manufacturers, broken out by whether the loan was made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)), which shall include—
the quotient obtained by dividing—
the total dollar amount of larger loans awarded to small manufacturers during the applicable year; by
the number of jobs that were created or retained by a small manufacturer during the applicable year as a result of the receipt of a larger loan; and
an analysis of whether the award of larger loans to small manufacturers prevented the loss of jobs by employees of small manufacturers.
July 29, 2025
Reported with an amendment